September 257, 2022
Senate Finance Committee Unveils Text of Approved Retirement Bill
The U.S. Senate Finance Committee released the legislative text of the Enhancing American Retirement Now (EARN) Act on September 8, after the measure was favorably reported in a committee markup. An official section-by-section summary of the bill is also available.
The EARN Act represents the Finance Committee’s contribution to the bipartisan, bicameral retirement policy legislation that is often referred to as “SECURE 2.0,” building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. As we reported in the June 22 Benefits Byte, the committee approved a “conceptual” version of the measure (without bill text) unanimously on June 22. The Council applauded the vote in a news release, saying, “a strong and vibrant employer-based retirement system is critical to the retirement security of millions of Americans. The Senate Finance Committee’s unanimous/bipartisan approval of the [EARN] Act is an important step toward preserving and enhancing these vital programs.”
The bill joins the Retirement Improvement and Savings Enhancement to Supplement Healthy Investments for the Nest Egg (RISE and SHINE) Act (S. 4353), approved on June 14 (see the June 16 Benefits Byte) by the Senate HELP Committee, as well as the U.S. House of Representatives-passed Securing a Strong Retirement Act (H.R. 2954). Lawmakers are already at work blending these measures into a compromise product with the goal of final passage before the end of the year. A chart comparing the three bills and more than 70 provisions, prepared by Davis and Harman, LLP, will soon be updated to reflect any important changes.
The Council will continue to work with key congressional staff as the bills make their way through the legislative process and will provide updates on the status of SECURE 2.0 legislation. For more information, contact Lynn Dudley, senior vice president, global retirement and compensation policy, or Diann Howland, vice president, legislative affairs.